I am willing to bet that you have an amazing idea for a new business, but you are worried about the endless list of tick boxes between your fantastic idea and getting your business out there and working for you. Where should you begin and how do you prioritise the endless to-do list? Let us assist you in getting started with our business Start-up checklist.
We have comprised a checklist to help you take your idea from concept to reality. Some of these tasks will be quick to do while others might take some time to complete but be sure to invest in your new business right from the start.
So, without any further ado let’s have a look at the 15 tasks on your Start-up Checklist.
1. Define your unique selling point
Your unique selling Point or Proposition can be defined as the characteristic that makes your business stand out from the crowd and gives you the added advantage over your competitors. In simple terms what makes your business better than the competition. From the start pay attention to what sets your business apart from others and always play to your strengths. Your unique selling point should be something you offer the market that attracts buyers. It should not be something that competitors can copy like a discount or free delivery. Instead, it should be something like a warranty or certification your product has.
2. Determine viability & do your market research
Before investing your hard-earned money be sure to determine the viability of your new business. This can be measured by determining if the business has the potential for long-term success. It is also important to investigate if the idea will be profitable. Do your research and have a look at the number of existing competitors within your market. The hard part is being brutally honest with yourself and determining if your unique selling point will be enough to enter the market and win over potential clients.
3. Write a business plan
When starting your new business take the needed time to write a business plan. This will play a vital part in how you begin and develop your business. Your business plan will also help you steer your business to success, think of your business plan as your road map to success.
This great written tool will help you formulate a vision for the future by guiding your growth trajectory over the next few years. It’s a fantastic way to set goals and break down the steps to reach your business milestones. In its basic form, a business plan should allow you to objectively plan for the growth of your business, by breaking down the fundamental steps in the decision-making process as your business is moving forward. Don’t overlook the importance of a business plan, as it can also help you get funding, or a loan should you require it.
4. Setup budgets & do proper costings
Constructing an accurate budget will guide you in understanding how much capital you have, managing your expenses and predicting future financial requirements. It is also crucial to track your initial expense to determine your start-up costs accurately. Your budget will determine many important decisions and will allow you to correctly plan for future milestones.
The viability of your business greatly relies on your ability to do proper costings. Be sure to take all expenses into account when costing your products or services. Your product costing should include all costs incurred in the process of manufacturing and getting the product sold in the market. Include the following categories when calculating costs, all materials needed, your labour, and overheads of the manufacturing process.
5. Register your Web domain
Choose a domain name that is relevant to your business and get it registered as soon as possible. This domain name will be used to identify your website online. A registered domain name adds credibility to your online presence. It allows you to have your business name in your emails instead of working from a Gmail or yahoo account to run your business. Should you require assistance in getting your domain registered contact Qum Studios today for assistance.
6. Vet your suppliers and service providers.
Be sure to check on the credibility of your suppliers and service providers from the very start. It is best to take some time and find trustworthy suppliers you can build a working relationship with, instead of jumping from supplier to supplier as this will influence the quality of your product and prices as well. Look for suppliers with a good industry reputation by looking at online reviews. Also, look for suppliers that have certifications or other industry-related accolades to ensure you work with like-minded and trustworthy individuals.
7. Setup a business bank account
Having a separate business bank account will make your accounting easier. It is also a smart long-term move, as your business grows so should your business relationship with your bank. Your business will also require its own account should you make us of a speed point for card transactions.
8. Get a professional logo designed
So, why is a logo important? Your logo will be the foundation of your brand identity. It will be what your clients associate your product or service with. Your logo should grab the attention of potential clients, it’s part of the first impression your clients will have of your product. It should also separate you from competitors so be sure to select a logo that is not too alike than that of your competitors. Should you need help with your business logo ask us about our graphic design services today.
9. Get a website
Getting your business online is critical for any business big or small. Your website is the best salesperson that your business will ever employ, it works round the clock and never takes a holiday. In this digital age your customers will also look for your business online, and a well-designed website will go a long way in aiding your credibility. It is also the first stop for potential clients to learn more about your business and the products you offer. Your website is also a very powerful marketing tool and can be used to get more buyers in the door. Here at Qum Studios websites are our passion, so look no further for help getting your business online.
10. Setup social media accounts
Having a Social media account for your business allows you to connect and interact with customers where they are already spending time and resources. Be it on Facebook, LinkedIn, Instagram, Twitter, TikTok or YouTube, engaging with your potential clients online has tremendous benefits. With more than 4 billion active social media accounts around the world, if you are not on social media you are missing out on one of the fastest and most effective ways to engage your target audience. Should you need help getting your social media accounts set up the correct way for your business, please contact Qum Studios for assistance.
11. Find a way to keep your data safe
Whether your business is tech-focused or not, you need to keep your data as well as the data of your clients safe and protected. Make sure that any computers or devices you work from are protected from unwanted intrusions or disasters. Having a backup system in place is crucial. Get your data safely stored with cloud storage systems.
12. Get business cards
It might be the digital age, but business cards are here to stay. A well-designed business card is a very effective way to introduce your company to potential new clients. Compact and easy to hand out your business cards is a great networking tool. A well-designed business card design will leave your potential client’s with a favorable impression of your business as well as all the needed contact details to reach you in the future. Get your business cards professionally designed with the help of our graphic designers.
13. Get proper accounting software
Get your business set up with proper accounting software. It has many advantages to running your books with old fashioned spreadsheets. Your accounting software will save you a lot of time and has some nifty functions you will thank us for later, like generating financial reports and simplifying your payroll process. It also allows you to keep better track of your income and expenses by allowing you to sync your financial data to capture expenses quickly and effortlessly. It will also assist you in offering your clients professional-looking quotes and invoices. With many options to choose from that will suit any budget ask your accountant which platform they would suggest for your business.
14. Get yourself an admin process.
Getting your admin system up and running will greatly benefit your start-up. Being organized is the best way to combat procrastination. Sometimes being overwhelmed by endless tasks and heaps of information can leave you stuck without a way forward. Having systems in place will greatly assist you in categorising tasks and managing your workload. Get yourself a system that links to your calendar to ensure you never miss a meeting or deadline.
15. Write your company profile
A company Profile can assist you in making a memorable first impression with potential clients. Think of your company profile as your business’ CV. It should help your business stand out from the crowd and give buyers a summary of what sets your company apart from competitors.
Your Company Profile is also a great marketing tool, it’s a compact way to broadcast to the world just how amazing your company is. It’s a fantastic way to showcase your business when doing tenders or when reaching out to new clients. It is also a great way to build brand awareness and affirm your credibility with clients. Download our free Company Profile Writing Guide today to get started.
Remember that you don’t have to do everything yourself, surround yourself with industry experts to help you with some of these tasks. Play to your strengths and let others assist you in the areas you might not be proficient in. We trust that this start-up checklist will help in getting your business idea running.
Our team here at Qum Studios will gladly assist you along the way. Your businesses success is our passion. Contact us today for assistance with registering your web domain, setting up your social media accounts, getting your business online with a professional website or for any of your graphic design needs like logos or business cards.
Yours in marketing
The Qum Studios team.